savings
How Social Security fits into Retirement Planning
The average Social Security payment for those age 65 is just a bit over $1,600 per month. When you consider that the average 65 year old typically has needs about $2,400 per month of income, it’s easy to see a…
The Social Security “Direct Express” card is changing
Although most American’s received their monthly Social Security (and Supplemental Security Income, or SSI) payments by direct deposit into their personal banking account, there are about 3.6 million beneficiaries who use the Direct Express card to receive their monthly benefits.…
The only Social Security certainty? American’s are largely opposed to change
One thing is certain, according to a recent survey: Americans are largely opposed (with only one exception) to any changes to the Social Security program. But the problem is that unless changes are made, the program will become “insolvent” in…
Proposed modernization of the Medicare Savings Programs
To simplify access to the Medicare Savings Programs (MSPS), the Aging & Disability Health Policy Lab has drafted four model policies. Medicare Savings Programs are special benefit programs sponsored by state Medicaid agencies. They are designed to relieve some (or…
Employers overestimating the financial health of their employees
A recent survey by the Transamerica Institute “found a consistent pattern of employers overestimating the financial health of their workforce while workers quietly absorb the consequences of persistent inflation, inadequate benefits, and mounting retirement anxiety.” One of the most alarming…
The fear of running out of money
The fear of running out of money is more overwhelming than the fear of death itself for almost two-thirds of retirees, according to the latest Allianz Retirement Study. Along with the fear of running out of money, more than 50…
What retirees spend the most on the first year
Even though you have recently retired, there are still expenses you need to be aware of. All retirees are affected by healthcare bills, housing expenses, and travel expenses. Nicole Spector, writing for GoBankingRates, explains how to account for these costs.…
Figuring out your ideal retirement savings number
The recent Northwestern Mutual Survey found that the average respondent estimated they would need $1.46 million to live comfortably in retirement, which is up by almost a quarter of a million dollars from last year. One of the factors driving…
Don’t get complacent about your retirement planning
Despite all the noise about America’s retirement savings crisis, according to the recent EBRI’s Retirement Confidence Survey, there is little evidence of a widespread retirement crisis. However, this is not universal; some retirees are struggling. Steve Vernon, writing for Forbes,…
The Role of Life Expectancy in Retirement Decisions
Right now is a good time to focus on an important question which affects your future – When should I take my Social Security benefits? While there are a number of factors to consider when making that decision, don’t overlook…